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Auto Defaults Up Again (3rd Straight Month)

Auto loan defaults have increased for the third month in a row, according to data in the S&P/Experian Consumer Credit Indices. The data shows that auto loan default rates have risen from 1.09% in August, to 1.11% in September, and on to 1.14% in October.

The national composite has followed suit by rising at a similar rate going from 1.46% in September to 1.55% in October. David Blitzer, managing director and chairman of the index committee for S&P Dow Jones Indices, said he believes the increase was “mostly driven by an increase in the first mortgage default rate.”

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